The woman radical on the left is the indexing component. Its semantic link here is faint; in this phono-semantic compound it mainly serves as the classifier slot while 方 carries the sound. Same radical family as 好 and 妈.
Right 方 supplies the sound — fāng giving fáng with only a tone-onset shift. It contributes no meaning here. The same phonetic appears in 房 and 防, a tight sound family.
